ATM cash withdrawals to be expensive from January 2022

Cash withdrawal from ATM will get costlier from January after cash withdrawal limit from the ATM gets exhausted. So, credit or debit card customers have to pay more if the limit gets exceeds.

In a notification, the Reserve Bank of India has said that customers will have to pay even more charges from January 2022 for ATM transactions once the limit exceeds. Notification are being done by the banks to remind customers of this rule.

Beyond free monthly limits the ATM transactions are set to get costlier as RBI had allowed banks to increase charges on cash and non-cash automated teller machines (ATMs).

Customers will have to pay Rs 21 per transaction at their own banks' ATMs to withdraw money once the limit exceeds after the change is implemented. Presently, the charges are Rs 20.

The new rule will come effect from January 1, 2022. The Reserve Bank of India allows all bank customers to do five free ATM transactions at their own banks before these rates are charged.